Draft Green Jobs Bill Circulating Around Capitol Hill

Draft legislation extending a number of key tax credits for the renewable energy sector is circulating around Capitol Hill this week. Renewable energy groups have been pushing for an extension of the tax credits for months as part of a coordinated lobbying push. The bill, which could change considerably, will be marked up next week in the House Ways and Means Committee.

The Hill reports:

Under the draft, tax credits would be awarded for improvements in energy efficiency, integrating renewable electricity onto the electric grid, and creating technologies and equipment that capture biogas to produce energy and other “post-consumer waste-to-energy” facilities.

The draft’s centerpiece extends through 2014 the Section 48C manufacturing tax credit for investing in renewable energy. The tax credit was created in the 2009 stimulus bill and has been touted by President Obama as being instrumental in helping companies become energy efficient. The Joint Committee on Taxation (JCT) estimates the extension will cost approximately $6.9 billion.